That's cool. It just doesn't describe why some people don't put in an inline resistor and still their power supplies don't explode in a blaze of glory.

If you're not driving the LED very hard, it might not push it into thermal runaway.
That's only because the power source has built in current limiting, then. And the kind of current that a non-current-limited LED will draw is relatively small compared to the power output of the typical 5V or 12V rail of a power supply.
Also, this is DC current. The source is not driving the LED - it's a static system. The LED simply draws as much current as Ohm's law allows.